More than 80% of homes in Portugal were sold in less than six months, according to data from the estate agents association, APEMIP, issued on Monday, February 5th.According to the APEMIP barometer, referring to December 2017, "the Portuguese real estate sector is showing a dynamism that has not been seen for a long time, especially in the housing segment."
"It is absolutely fabulous to watch this dynamic, especially when compared to the one that existed two to three years ago, where property took up to two years to be sold," said the APEMIP president, Luís Lima.
APEMIP's barometer also show that "about 55.6% of the sales were properties with a price of up to €175,000 - about 61% were T1 and T2. T3s accounted for the next 31% of transactions.
"This is a good indicator of where the bulk of demand is, information that can and should be taken into account as soon as there is long-awaited return to new construction," said the APEMIP president, arguing that the absence of real estate stock in the cities is the main factor driving prices upwards.
Lima says that it is inevitable that builders will start building again, “otherwise, housing problems will become even more acute," as supply is lower than demand.
"As we build new properties, we will be creating advantages for families, who will find assets in the market to suit their budget, for the estate agencies who will have more product to sell, for the banks which will guarantee dividends through investment financing and through mortgage loans, for construction companies which will return and create more jobs, and to the real estate market itself which needs to ease off on pricing and respond to housing needs," said the APEMIP chief.
Developed monthly, the APEMIP real estate barometer is based on a survey carried out with real estate companies and cross-checked with data from public and private entities.
